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Korn Ferry

Korn Ferry Announces Fourth Quarter and Full Year FY'25 Results of Operations

Fourth Quarter and Full Year Highlights

  • Korn Ferry reports Q4 FY'25 fee revenue of $712.0 million, an increase of 3% year-over-year at actual, and 4% at constant currency. Full year FY'25 fee revenue of $2,730.1 million, a year-over-year decrease of 1% in both actual and constant currency.
  • Net income attributable to Korn Ferry for the fourth quarter was $64.2 million, with a margin of 9.0%, a decrease of 40bps compared to the year-ago quarter, while net income attributable to Korn Ferry for the full year of FY'25 was $246.1 million, with a margin of 9.0%, an increase of 290bps compared to the year-ago period.
  • Fourth quarter Adjusted EBITDA was $121.1 million with a margin of 17.0%, an increase of 70bps compared to the year-ago quarter, while Adjusted EBITDA for the full year of FY'25 was $463.9 million with a margin of 17.0%, an increase of 220bps compared to the year-ago period.
  • Diluted and adjusted diluted earnings per share were $1.21 and $1.32 in Q4 FY'25, respectively, and $4.60 and $4.88 for the full year, respectively.
  • Executive Search posted Q4 FY'25 fee revenue of $227.0 million, an increase of 14% year-over-year at actual, and 15% at constant currency.
  • The Company repurchased 232,000 shares of stock during the quarter for $15.0 million and paid dividends of $25 million.
  • For the full year the Company continued to maintain its balanced approach to capital allocation by investing $44 million in an acquisition, $62 million in technology platforms, tools and product enhancements, and returning $89 million and $84 million to shareholders through share repurchases and dividends, respectively.

LOS ANGELES--(BUSINESS WIRE)--Jun. 18, 2025-- Korn Ferry (NYSE: KFY), a global consulting firm, today announced fourth quarter and annual fee revenue of $712.0 million and $2,730.1 million, respectively. In addition, fourth quarter diluted earnings per share was $1.21 and adjusted diluted earnings per share was $1.32, while full year diluted earnings per share was $4.60 and adjusted diluted earnings per share was $4.88.

“Even amid the ever-changing global economic and political dynamics, we continue to deliver on our financial and strategic objectives, just as we have over the past several years. Our results reinforce the premise of Korn Ferry’s diversification strategy and our continued momentum,” said Gary D. Burnison, CEO, Korn Ferry. “Through ongoing investments to extend our offerings and solutions and expand our impact, we are powering performance for clients. This foundational focus for the future underpins our conviction to a strategy that will continue to propel us forward.”

Selected Financial Results

(dollars in millions, except per share amounts) (a)

 

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Fee revenue

$

712.0

 

 

$

690.8

 

 

$

2,730.1

 

 

$

2,762.7

 

Total revenue

$

719.8

 

 

$

699.9

 

 

$

2,761.1

 

 

$

2,795.5

 

Net income attributable to Korn Ferry

$

64.2

 

 

$

65.2

 

 

$

246.1

 

 

$

169.2

 

Net income attributable to Korn Ferry margin

 

9.0

%

 

 

9.4

%

 

 

9.0

%

 

 

6.1

%

Basic earnings per share

$

1.23

 

 

$

1.26

 

 

$

4.69

 

 

$

3.25

 

Diluted earnings per share

$

1.21

 

 

$

1.24

 

 

$

4.60

 

 

$

3.23

 

 

 

 

 

 

 

 

 

Adjusted Results (b):

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Adjusted EBITDA

$

121.1

 

 

$

112.3

 

 

$

463.9

 

 

$

408.2

 

Adjusted EBITDA margin

 

17.0

%

 

 

16.3

%

 

 

17.0

%

 

 

14.8

%

Adjusted net income attributable to Korn Ferry (c)

$

70.1

 

 

$

65.7

 

 

$

261.2

 

 

$

224.0

 

Adjusted basic earnings per share (c)

$

1.34

 

 

$

1.27

 

 

$

4.98

 

 

$

4.31

 

Adjusted diluted earnings per share (c)

$

1.32

 

 

$

1.26

 

 

$

4.88

 

 

$

4.28

 

______________________

(a)

 

Numbers may not total due to rounding.

(b)

 

Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization, further adjusted to exclude integration/acquisition costs, impairment of fixed assets, impairment of right-of-use assets, restructuring charges, net and management separation charges when applicable. Adjusted results on a consolidated basis are non-GAAP financial measures that adjust for the following, as applicable (see attached reconciliations):

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Management separation charges (d)

$

4.6

 

$

—

 

$

4.6

 

$

—

Integration/acquisition costs

$

1.7

 

$

1.8

 

$

8.8

 

$

14.9

Restructuring charges, net

$

—

 

$

—

 

$

1.9

 

$

68.6

Impairment of fixed assets

$

—

 

$

—

 

$

0.5

 

$

1.6

Impairment of right-of-use assets

$

—

 

$

—

 

$

2.5

 

$

1.6

(c)

Due to actions taken in connection with the worldwide minimum tax, the Company released a valuation allowance in FY'24 and recorded a $9.7 million non-recurring tax benefit, which is included in the Company's US GAAP results but excluded from the Adjusted results.

(d)

Contractual obligations due upon executive's death.

Fiscal 2025 Fourth Quarter Results

The Company reported fee revenue in Q4 FY'25 of $712.0 million, an increase of 3% year-over-year (up 4.0% at constant currency). During the quarter, the increase in fee revenue was due to higher fee revenue in Executive Search and Recruitment process outsourcing ("RPO"), partially offset by a decline in fee revenue in Consulting.

Net income attributable to Korn Ferry was $64.2 million with a margin of 9.0% in Q4 FY'25, compared to net income attributable to Korn Ferry of $65.2 million with a margin of 9.4%, in Q4 FY'24, a decrease of 40bps compared to the year-ago quarter.

Adjusted EBITDA was $121.1 million in Q4 FY'25 compared to $112.3 million in Q4 FY'24. Adjusted EBITDA margin was 17.0% in Q4 FY'25, an increase of 70bps compared to the year-ago quarter.

Net income attributable to Korn Ferry and net income attributable to Korn Ferry margin decreased slightly from the prior year, primarily due to certain income tax benefits recorded in Q4 FY'24 which reduced the prior year quarterly effective tax rate by approximately 4 percentage points.

Adjusted EBITDA and Adjusted EBITDA margin increased due to an increase in fee revenue and disciplined cost management.

Fiscal 2025 Full Year Results

The Company reported fee revenue in FY'25 of $2,730.1 million, a decrease of 1% in both actual and constant currency compared to FY'24.

Net income attributable to Korn Ferry was $246.1 million with a margin of 9.0% in FY'25, compared to net income attributable to Korn Ferry of $169.2 million with a margin of 6.1%, in FY'24, an increase of 290bps.

Adjusted EBITDA was $463.9 million in FY'25 compared to $408.2 million in FY'24. Adjusted EBITDA margin was 17.0% in FY'25, an increase of 220bps compared to the year-ago period.

Net income attributable to Korn Ferry and net income attributable to Korn Ferry margin increased as a result of disciplined cost management, strong consultant productivity and a decrease in restructuring charges, net, partially offset by a higher effective tax rate in FY'25 as a result of the favorable impact of the valuation allowance release mentioned in footnote (c) above on FY'24's effective tax rate.

Adjusted EBITDA and Adjusted EBITDA margin increased due to disciplined cost management and strong consultant productivity.

Results by Solution

Selected Consulting Data
(dollars in millions) (a)

 

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Fee revenue

$

169.4

 

 

$

182.2

 

 

$

662.7

 

 

$

695.0

 

Total revenue

$

172.5

 

 

$

185.1

 

 

$

674.1

 

 

$

706.8

 

 

 

 

 

 

 

 

 

Remaining revenue under contract (b)

$

367.7

 

 

$

340.6

 

 

$

367.7

 

 

$

340.6

 

Ending number of consultants and execution staff (c)

 

1,599

 

 

 

1,678

 

 

 

1,599

 

 

 

1,678

 

Hours worked in thousands (d)

 

373

 

 

 

417

 

 

 

1,510

 

 

 

1,656

 

Average bill rate (e)

$

454

 

 

$

437

 

 

$

439

 

 

$

420

 

 

 

 

 

 

 

 

 

Adjusted Results (f):

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Adjusted EBITDA

$

29.1

 

 

$

32.3

 

 

$

115.5

 

 

$

114.3

 

Adjusted EBITDA margin

 

17.2

%

 

 

17.8

%

 

 

17.4

%

 

 

16.4

%

______________________

(a)

Numbers may not total due to rounding.

(b)

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

(c)

Represents number of employees originating, delivering and executing consulting services.

(d)

The number of hours worked by consultant and execution staff during the period.

(e)

The amount of fee revenue divided by the number of hours worked by consultants and execution staff.

(f)

Adjusted results exclude the following:

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Management separation charges (g)

$

4.6

 

$

—

 

$

4.6

 

$

—

Restructuring charges, net

$

—

 

$

—

 

$

1.7

 

$

18.9

Impairment of right-of-use assets

$

—

 

$

—

 

$

—

 

$

0.6

(g)

Contractual obligations due upon executive's death.

Fee revenue was $169.4 million in Q4 FY'25 compared to $182.2 million in Q4 FY'24, a decrease of $12.8 million or 7% in both actual and constant currency. The year-over-year decrease in Consulting fee revenue was primarily due to a greater mix of larger engagements which convert to fee revenue over a longer duration and ongoing slower delivery of backlog engagements driven by clients.

Adjusted EBITDA was $29.1 million in Q4 FY'25 compared to $32.3 million in the year-ago quarter. Adjusted EBITDA margin in the quarter decreased year-over-year by 60bps to 17.2%. This decrease resulted primarily from lower fee revenue discussed above.

Selected Digital Data

(dollars in millions) (a)

 

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Fee revenue

$

91.6

 

 

$

91.3

 

 

$

363.5

 

 

$

366.7

 

Total revenue

$

91.6

 

 

$

91.4

 

 

$

363.7

 

 

$

366.9

 

 

 

 

 

 

 

 

 

Remaining revenue under contract (b)

$

392.6

 

 

$

364.4

 

 

$

392.6

 

 

$

364.4

 

Ending number of consultants

 

244

 

 

 

267

 

 

 

244

 

 

 

267

 

Subscription & License fee revenue

$

34.5

 

 

$

33.3

 

 

$

137.7

 

 

$

131.0

 

 

 

 

 

 

 

 

 

Adjusted Results (c):

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Adjusted EBITDA

$

28.5

 

 

$

28.0

 

 

$

112.7

 

 

$

108.7

 

Adjusted EBITDA margin

 

31.1

%

 

 

30.7

%

 

 

31.0

%

 

 

29.6

%

______________________

(a)

Numbers may not total due to rounding.

(b)

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

(c)

Adjusted results exclude the following:

 

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Restructuring charges, net

$

—

 

$

—

 

$

—

 

$

9.5

Impairment of fixed assets

$

—

 

$

—

 

$

0.4

 

$

1.5

Fee revenue was $91.6 million in Q4 FY'25 compared to $91.3 million in Q4 FY'24, essentially flat year-over-year (up 1% at constant currency).

Adjusted EBITDA was $28.5 million in Q4 FY'25, relatively flat compared to $28.0 million in the year-ago quarter. Adjusted EBITDA margin in the quarter increased slightly year-over-year by 40bps to 31.1%.

Selected Executive Search Data(a)

(dollars in millions) (b)

 

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Fee revenue

$

227.0

 

 

$

198.7

 

 

$

846.2

 

 

$

806.2

 

Total revenue

$

229.1

 

 

$

200.8

 

 

$

854.1

 

 

$

814.3

 

 

 

 

 

 

 

 

 

Remaining revenue under contract (c)

$

69.6

 

 

$

64.8

 

 

$

69.6

 

 

$

64.8

 

Ending number of consultants

 

560

 

 

 

542

 

 

 

560

 

 

 

542

 

Average number of consultants

 

560

 

 

 

552

 

 

 

551

 

 

 

572

 

Engagements billed

 

3,827

 

 

 

3,456

 

 

 

9,151

 

 

 

8,978

 

New engagements (d)

 

1,738

 

 

 

1,586

 

 

 

6,325

 

 

 

6,091

 

 

 

 

 

 

 

 

 

Adjusted Results (e):

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Adjusted EBITDA

$

54.2

 

 

$

45.5

 

 

$

206.2

 

 

$

171.1

 

Adjusted EBITDA margin

 

23.9

%

 

 

22.9

%

 

 

24.4

%

 

 

21.2

%

______________________

(a)

Executive Search is the sum of the individual Executive Search Reporting Segments described in our annual and quarterly reporting on Forms 10-K and 10-Q and is presented on a consolidated basis as it is consistent with the Company’s discussion of its Solutions, and financial metrics used by the Company’s investor base.

(b)

Numbers may not total due to rounding.

(c)

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

(d)

Represents new engagements opened in the respective period.

(e)

Executive Search Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures that adjust for the following:

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Restructuring charges, net

$

—

 

$

—

 

$

0.2

 

$

28.2

Impairment of right-of-use assets

$

—

 

$

—

 

$

2.5

 

$

0.9

Impairment of fixed assets

$

—

 

$

—

 

$

0.2

 

$

0.1

Fee revenue was $227.0 million in Q4 FY'25 compared to $198.7 million Q4 FY'24, an increase of $28.3 million or 14% (up 15% at constant currency). The year-over-year increase in fee revenue was primarily driven by an increase in the number of engagements billed and an increase in weighted-average fee billed per engagement. The Company experienced fee revenue growth in North America, EMEA and APAC regions.

Adjusted EBITDA was $54.2 million in Q4 FY'25 compared to $45.5 million in the year-ago quarter. Adjusted EBITDA margin increased by 100bps to 23.9% in Q4 FY'25. The increase in Adjusted EBITDA and Adjusted EBITDA margin was due to higher fee revenue and increased consultant productivity.

Selected Professional Search & Interim Data

(dollars in millions) (a)

 

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Fee revenue

$

130.7

 

 

$

129.2

 

 

$

503.5

 

 

$

540.6

 

Total revenue

$

131.7

 

 

$

130.1

 

 

$

507.2

 

 

$

544.5

 

 

 

 

 

 

 

 

 

Permanent Placement:

 

 

 

 

 

 

 

Fee revenue

$

50.9

 

 

$

56.3

 

 

$

203.8

 

 

$

223.5

 

Remaining revenue under contract (b)

$

14.1

 

 

$

14.0

 

 

$

14.1

 

 

$

14.0

 

Engagements billed

 

1,829

 

 

 

1,939

 

 

 

4,830

 

 

 

5,619

 

New engagements (c)

 

1,009

 

 

 

1,086

 

 

 

3,811

 

 

 

4,500

 

Ending number of consultants

 

309

 

 

 

331

 

 

 

309

 

 

 

331

 

Interim:

 

 

 

 

 

 

 

Fee revenue

$

79.8

 

 

$

72.9

 

 

$

299.7

 

 

$

317.1

 

Remaining revenue under contract (b)

$

107.6

 

 

$

86.3

 

 

$

107.6

 

 

$

86.3

 

Average bill rate (d)

$

131

 

 

$

129

 

 

$

133

 

 

$

126

 

Average weekly billable consultants (e)

 

1,301

 

 

 

1,157

 

 

 

1,168

 

 

 

1,303

 

 

 

 

 

 

 

 

 

Adjusted Results (f):

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Adjusted EBITDA

$

27.4

 

 

$

28.1

 

 

$

107.6

 

 

$

101.9

 

Adjusted EBITDA margin

 

21.0

%

 

 

21.8

%

 

 

21.4

%

 

 

18.8

%

_____________________

(a)

 

Numbers may not total due to rounding.

(b)

 

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

(c)

 

Represents new engagements opened in the respective period.

(d)

 

Fee revenue from interim divided by the number of hours worked by consultants.

(e)

 

The number of billable consultants based on a weekly average in the respective period.

(f)

 

Adjusted results exclude the following:

 

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Integration/acquisition costs

$

1.6

 

$

1.8

 

$

6.0

 

$

14.5

Restructuring charges, net

$

—

 

$

—

 

$

—

 

$

3.8

Fee revenue was $130.7 million in Q4 FY'25 compared to $129.2 million Q4 FY'24, an increase of $1.5 million or 1% (up 2% at a constant currency). Fee revenue increased due to higher fee revenue from Interim as a result of the acquisition of Trilogy, effective November 1, 2024, partially offset by a decrease in fee revenue in Permanent Placement due to an industry wide slowdown in demand.

Adjusted EBITDA was $27.4 million in Q4 FY'25 compared to $28.1 million in the year-ago quarter. Adjusted EBITDA margin was 21.0%, down year-over-year by 80bps.

Selected RPO Data

(dollars in millions) (a)

 

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Fee revenue

$

93.3

 

 

$

89.5

 

 

$

354.1

 

 

$

354.1

 

Total revenue

$

94.8

 

 

$

92.5

 

 

$

362.0

 

 

$

363.0

 

 

 

 

 

 

 

 

 

Remaining revenue under contract (b)

$

758.0

 

 

$

657.1

 

 

$

758.0

 

 

$

657.1

 

RPO new business (c)

$

118.8

 

 

$

128.4

 

 

$

533.4

 

 

$

439.6

 

 

 

 

 

 

 

 

 

Adjusted Results (d):

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Adjusted EBITDA

$

14.5

 

 

$

11.8

 

 

$

52.6

 

 

$

40.4

 

Adjusted EBITDA margin

 

15.5

%

 

 

13.2

%

 

 

14.9

%

 

 

11.4

%

______________________

(a)

Numbers may not total due to rounding.

(b)

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

(c)

Estimated total value of a contract at the point of execution of the contract.

(d)

Adjusted results exclude the following:

 

 

Fourth Quarter

 

Year to Date

 

FY’25

 

FY’24

 

FY’25

 

FY’24

Restructuring charges, net

$

—

 

$

—

 

$

—

 

$

7.9

Impairment of right-of-use assets

$

—

 

$

—

 

$

—

 

$

0.1

Fee revenue was $93.3 million in Q4 FY'25 compared to $89.5 million in Q4 FY'24, an increase of $3.8 million or 4% (up 5% at constant currency). RPO fee revenue increased due to recent new client wins being stood up and an increase in demand from our base clients in the North America and Asia Pacific regions.

Adjusted EBITDA was $14.5 million in Q4 FY'25 compared to $11.8 million in the year-ago quarter. Adjusted EBITDA margin increased 230bps to 15.5% in Q4 FY'25. The increase in Adjusted EBITDA and Adjusted EBITDA margin both resulted from an increase in fee revenue and disciplined cost management.

Outlook

Assuming worldwide geopolitical conditions, economic conditions, financial markets and foreign exchange rates remain steady, on a consolidated basis:

  • Q1 FY’26 fee revenue is expected to be in the range of $675 million and $695 million; and
  • Q1 FY’26 diluted earnings per share is expected to range between $1.16 to $1.24.

On a consolidated adjusted basis:

  • Q1 FY’26 adjusted diluted earnings per share is expected to be in the range from $1.18 to $1.26.

 

Q1 FY’26

Earnings Per Share Outlook

 

Low

 

High

 

 

 

 

Consolidated diluted earnings per share

$

1.16

 

 

$

1.24

 

Integration/acquisition costs

 

0.03

 

 

 

0.03

 

Tax rate impact

 

(0.01

)

 

 

(0.01

)

Consolidated adjusted diluted earnings per share(1)

$

1.18

 

 

$

1.26

 

______________________

(1)

Consolidated adjusted diluted earnings per share is a non-GAAP financial measure that excludes the items listed in the table.

Earnings Conference Call Webcast

The earnings conference call will be held today at 12:00 PM (EDT) and hosted by CEO Gary Burnison, CFO Robert Rozek, SVP Business Development & Analytics Gregg Kvochak and VP Investor Relations Tiffany Louder. The conference call will be webcast and available online at ir.kornferry.com. We will also post to the investor relations section of our website earnings slides, which will accompany our webcast, and other important information, and encourage you to review the information that we make available on our website.

About Korn Ferry

Korn Ferry is a global consulting firm that powers performance. We unlock the potential in your people and unleash transformation across your business—synchronizing strategy, operations, and talent to accelerate performance, fuel growth, and inspire a legacy of change. That’s why the world’s most forward-thinking companies across every major industry turn to us—for a shared commitment to lasting impact and the bold ambition to Be More Than.

Forward-Looking Statements

Statements in this press release and our conference call that relate to our outlook, projections, goals, strategies, future plans and expectations, including statements relating to expected labor market conditions, expected demand for and relevance of our products and services, expected results of our business diversification strategy, expected benefits of the acquisition of Trilogy, impact of global events on our business, and other statements of future events or conditions are forward-looking statements that involve a number of risks and uncertainties. Words such as “believes”, “expects”, “anticipates”, “goals”, “estimates”, “guidance”, “may”, “should”, “could”, “will” or “likely”, and variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Such statements are based on current expectations; actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties that are beyond the control of Korn Ferry. The potential risks and uncertainties include those relating to global and local political and or economic developments in or affecting countries where we have operations, such as inflation, trade wars, interest rates, labor market conditions, global slowdowns, or recessions, competition, geopolitical tensions, shifts in global trade patterns, changes in demand for our services as a result of automation, dependence on and costs of attracting and retaining qualified and experienced consultants, impact of inflationary pressures on our profitability, our ability to maintain relationships with customers and suppliers and retaining key employees, maintaining our brand name and professional reputation, potential legal liability and regulatory developments, portability of client relationships, consolidation of or within the industries we serve, changes and developments in government laws and regulations, evolving investor and customer expectations with regard to corporate responsibility matters, currency fluctuations in our international operations, risks related to growth, alignment of our cost structure, including as a result of recent workforce, real estate, and other restructuring initiatives, restrictions imposed by off-limits agreements, reliance on information processing systems, cyber security vulnerabilities or events, changes to data security, data privacy, and data protection laws, dependence on third parties for the execution of critical functions, limited protection of our intellectual property ("IP"), our ability to enhance, develop and respond to new technology, including artificial intelligence, our ability to successfully recover from a disaster or other business continuity problems, employment liability risk, an impairment in the carrying value of goodwill and other intangible assets, treaties, or regulations on our business and our Company, deferred tax assets that we may not be able to use, our ability to develop new products and services, changes in our accounting estimates and assumptions, the utilization and billing rates of our consultants, seasonality, the expansion of social media platforms, the ability to effect acquisitions and integrate acquired businesses, resulting organizational changes, our indebtedness, and those relating to the ultimate magnitude and duration of any pandemic or outbreaks. For a detailed description of risks and uncertainties that could cause differences from our expectations, please refer to Korn Ferry’s periodic filings with the Securities and Exchange Commission. Korn Ferry disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). In particular, it includes:

  • Adjusted net income attributable to Korn Ferry, adjusted to exclude integration/acquisition costs, impairment of fixed assets, impairment of right-of-use assets, management separation charges and restructuring charges, net of income tax effect, and to exclude a $9.7 million non-recurring tax benefit in fiscal 2024 from actions taken in connection with the worldwide minimum tax that resulted in the release of a valuation allowance;
  • Adjusted basic and diluted earnings per share, adjusted to exclude integration/acquisition costs, impairment of fixed assets, impairment of right-of-use assets, management separation charges and restructuring charges, net of income tax effect, and to exclude a $9.7 million non-recurring tax benefit in fiscal 2024 from actions taken in connection with the worldwide minimum tax that resulted in the release of a valuation allowance;
  • Constant currency (calculated using a quarterly average) percentages that represent the percentage change that would have resulted had exchange rates in the prior period been the same as those in effect in the current period; and
  • Consolidated and Executive Search Adjusted EBITDA, which is earnings before interest, taxes, depreciation and amortization, further adjusted to exclude integration/acquisition costs, impairment of fixed assets, impairment of right-of-use assets, management separation charges and restructuring charges, net when applicable, and Consolidated and Executive Search Adjusted EBITDA margin.

This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Management believes the presentation of non-GAAP financial measures in this press release provides meaningful supplemental information regarding Korn Ferry’s performance by excluding certain charges that may not be indicative of Korn Ferry’s ongoing operating results. These non-GAAP financial measures are performance measures and are not indicative of the liquidity of Korn Ferry. These charges, which are described in the footnotes in the attached reconciliations, represent 1) costs we incurred to acquire and integrate a portion of our Professional Search & Interim business, 2) impairment of fixed assets primarily due to software impairment charge in our Digital segment, 3) impairment of right-of-use assets due to the decision to terminate and sublease some of our offices, 4) restructuring charges, net to align workforce to challenging macroeconomic business environment, 5) separation charges due to contractual obligations due upon executive's death and 6) to exclude a $9.7 million non-recurring tax benefit in fiscal 2024 from actions taken in connection with the worldwide minimum tax that resulted in the release of a valuation allowance. The use of non-GAAP financial measures facilitates comparisons to Korn Ferry’s historical performance. Korn Ferry includes non-GAAP financial measures because management believes they are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its evaluation of Korn Ferry’s ongoing operations and financial and operational decision-making. Adjusted net income attributable to Korn Ferry, adjusted basic and diluted earnings per share and Consolidated and Executive Search Adjusted EBITDA, exclude certain charges that management does not consider on-going in nature and allows management and investors to make more meaningful period-to-period comparisons of the Company’s operating results. Management further believes that Consolidated and Executive Search Adjusted EBITDA is useful to investors because it is frequently used by investors and other interested parties to measure operating performance among companies with different capital structures, effective tax rates and tax attributes and capitalized asset values, all of which can vary substantially from company to company. In the case of constant currency percentages, management believes the presentation of such information provides useful supplemental information regarding Korn Ferry's performance as excluding the impact of exchange rate changes on Korn Ferry's financial performance allows investors to make more meaningful period-to-period comparisons of the Company’s operating results, to better identify operating trends that may otherwise be masked or distorted by exchange rate changes and to perform related trend analysis, and provides a higher degree of transparency of information used by management in its evaluation of Korn Ferry's ongoing operations and financial and operational decision-making.

KORN FERRY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

 

Three Months Ended

April 30,

 

Year Ended

April 30,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

Fee revenue

$

712,048

 

 

$

690,800

 

 

$

2,730,088

 

 

$

2,762,671

 

Reimbursed out-of-pocket engagement expenses

 

7,779

 

 

 

9,123

 

 

 

30,998

 

 

 

32,834

 

Total revenue

 

719,827

 

 

 

699,923

 

 

 

2,761,086

 

 

 

2,795,505

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

443,503

 

 

 

454,208

 

 

 

1,758,024

 

 

 

1,844,164

 

General and administrative expenses

 

68,623

 

 

 

64,724

 

 

 

258,488

 

 

 

259,039

 

Reimbursed expenses

 

7,779

 

 

 

9,123

 

 

 

30,998

 

 

 

32,834

 

Cost of services

 

74,827

 

 

 

68,499

 

 

 

285,075

 

 

 

300,015

 

Depreciation and amortization

 

20,531

 

 

 

19,891

 

 

 

80,287

 

 

 

77,966

 

Restructuring charges, net

 

—

 

 

 

—

 

 

 

1,892

 

 

 

68,558

 

Total operating expenses

 

615,263

 

 

 

616,445

 

 

 

2,414,764

 

 

 

2,582,576

 

 

 

 

 

 

 

 

 

Operating income

 

104,564

 

 

 

83,478

 

 

 

346,322

 

 

 

212,929

 

Other (loss) income, net

 

(10,306

)

 

 

7,122

 

 

 

18,953

 

 

 

30,681

 

Interest expense, net

 

(5,331

)

 

 

(4,686

)

 

 

(20,363

)

 

 

(20,968

)

Income before provision for income taxes

 

88,927

 

 

 

85,914

 

 

 

344,912

 

 

 

222,642

 

Income tax provision

 

23,789

 

 

 

20,302

 

 

 

93,836

 

 

 

50,081

 

Net income

 

65,138

 

 

 

65,612

 

 

 

251,076

 

 

 

172,561

 

Net income attributable to noncontrolling interest

 

(894

)

 

 

(423

)

 

 

(5,014

)

 

 

(3,407

)

Net income attributable to Korn Ferry

$

64,244

 

 

$

65,189

 

 

$

246,062

 

 

$

169,154

 

 

 

 

 

 

 

 

 

Earnings per common share attributable to Korn Ferry:

 

 

 

 

 

 

 

Basic

$

1.23

 

 

$

1.26

 

 

$

4.69

 

 

$

3.25

 

Diluted

$

1.21

 

 

$

1.24

 

 

$

4.60

 

 

$

3.23

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

51,599

 

 

 

50,764

 

 

 

51,778

 

 

 

51,038

 

Diluted

 

52,504

 

 

 

51,487

 

 

 

52,806

 

 

 

51,432

 

 

KORN FERRY AND SUBSIDIARIES

FINANCIAL SUMMARY BY REPORTING SEGMENT

(dollars in thousands)

(unaudited)

 

Three Months Ended
April 30,

 

Year Ended
April 30,

 

 

2025

 

 

2024

 

% Change

 

2025

 

2024

 

% Change

Fee revenue:

 

 

 

 

 

 

 

 

 

 

 

Consulting

$

169,363

 

$

182,177

 

(7.0

%)

 

$

662,708

 

$

695,007

 

(4.6

%)

Digital

 

91,634

 

 

91,304

 

0.4

%

 

 

363,530

 

 

366,699

 

(0.9

%)

Executive Search:

 

 

 

 

 

 

 

 

 

 

 

North America

 

143,014

 

 

125,468

 

14.0

%

 

 

535,921

 

 

506,927

 

5.7

%

EMEA

 

53,479

 

 

45,643

 

17.2

%

 

 

194,088

 

 

184,516

 

5.2

%

Asia Pacific

 

23,630

 

 

20,696

 

14.2

%

 

 

87,337

 

 

85,863

 

1.7

%

Latin America

 

6,880

 

 

6,896

 

(0.2

%)

 

 

28,862

 

 

28,937

 

(0.3

%)

Total Executive Search (a)

 

227,003

 

 

198,703

 

14.2

%

 

 

846,208

 

 

806,243

 

5.0

%

Professional Search & Interim

 

130,710

 

 

129,162

 

1.2

%

 

 

503,515

 

 

540,615

 

(6.9

%)

RPO

 

93,338

 

 

89,454

 

4.3

%

 

 

354,127

 

 

354,107

 

0.0

%

Total fee revenue

 

712,048

 

 

690,800

 

3.1

%

 

 

2,730,088

 

 

2,762,671

 

(1.2

%)

Reimbursed out-of-pocket engagement expenses

 

7,779

 

 

9,123

 

(14.7

%)

 

 

30,998

 

 

32,834

 

(5.6

%)

Total revenue

$

719,827

 

$

699,923

 

2.8

%

 

$

2,761,086

 

$

2,795,505

 

(1.2

%)

 

 

(a)

Total Executive Search is the sum of the individual Executive Search Reporting Segments and is presented on a consolidated basis as it is consistent with the Company’s discussion of its Solutions, and financial metrics used by the Company’s investor base.

 

KORN FERRY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

 

April 30,
2025

 

April 30,
2024

 

 

 

 

ASSETS

 

 

 

Cash and cash equivalents

$

1,006,964

 

 

$

941,005

 

Marketable securities

 

36,388

 

 

 

42,742

 

Receivables due from clients, net of allowance for doubtful accounts of $40,461 and $44,192 at April 30, 2025 and 2024, respectively

 

565,255

 

 

 

541,014

 

Income taxes and other receivables

 

38,394

 

 

 

40,696

 

Unearned compensation

 

61,649

 

 

 

59,247

 

Prepaid expenses and other assets

 

41,488

 

 

 

49,456

 

Total current assets

 

1,750,138

 

 

 

1,674,160

 

 

 

 

 

Marketable securities, non-current

 

233,626

 

 

 

211,681

 

Property and equipment, net

 

173,610

 

 

 

161,849

 

Operating lease right-of-use assets, net

 

152,712

 

 

 

160,464

 

Cash surrender value of company-owned life insurance policies, net of loans

 

252,621

 

 

 

218,977

 

Deferred income taxes

 

144,560

 

 

 

133,564

 

Goodwill

 

948,832

 

 

 

908,376

 

Intangible assets, net

 

70,193

 

 

 

88,833

 

Unearned compensation, non-current

 

106,965

 

 

 

99,913

 

Investments and other assets

 

27,967

 

 

 

21,052

 

Total assets

$

3,861,224

 

 

$

3,678,869

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Accounts payable

$

58,884

 

 

$

50,112

 

Income taxes payable

 

23,079

 

 

 

24,076

 

Compensation and benefits payable

 

530,473

 

 

 

525,466

 

Operating lease liability, current

 

38,573

 

 

 

36,073

 

Other accrued liabilities

 

304,589

 

 

 

298,792

 

Total current liabilities

 

955,598

 

 

 

934,519

 

 

 

 

 

Deferred compensation and other retirement plans

 

477,770

 

 

 

440,396

 

Operating lease liability, non-current

 

131,762

 

 

 

143,507

 

Long-term debt

 

397,736

 

 

 

396,946

 

Deferred tax liabilities

 

5,981

 

 

 

4,540

 

Other liabilities

 

20,238

 

 

 

21,636

 

Total liabilities

 

1,989,085

 

 

 

1,941,544

 

 

 

 

 

Stockholders' equity

 

 

 

Common stock: $0.01 par value, 150,000 shares authorized, 78,264 and 77,460 shares issued and 51,458 and 51,983 shares outstanding at April 30, 2025 and 2024, respectively

 

364,425

 

 

 

414,885

 

Retained earnings

 

1,588,274

 

 

 

1,425,844

 

Accumulated other comprehensive loss, net

 

(86,243

)

 

 

(107,671

)

Total Korn Ferry stockholders' equity

 

1,866,456

 

 

 

1,733,058

 

Noncontrolling interest

 

5,683

 

 

 

4,267

 

Total stockholders' equity

 

1,872,139

 

 

 

1,737,325

 

Total liabilities and stockholders' equity

$

3,861,224

 

 

$

3,678,869

 

 

KORN FERRY AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(dollars in thousands)

(unaudited)

 

Three Months Ended
April 30,

 

Year Ended

April 30,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

 

 

 

 

 

 

 

Net income attributable to Korn Ferry

$

64,244

 

 

$

65,189

 

 

$

246,062

 

 

$

169,154

 

Net income attributable to non-controlling interest

 

894

 

 

 

423

 

 

 

5,014

 

 

 

3,407

 

Net income

 

65,138

 

 

 

65,612

 

 

 

251,076

 

 

 

172,561

 

Income tax provision

 

23,789

 

 

 

20,302

 

 

 

93,836

 

 

 

50,081

 

Income before provision for income taxes

 

88,927

 

 

 

85,914

 

 

 

344,912

 

 

 

222,642

 

Interest expense, net

 

5,331

 

 

 

4,686

 

 

 

20,363

 

 

 

20,968

 

Depreciation and amortization

 

20,531

 

 

 

19,891

 

 

 

80,287

 

 

 

77,966

 

Integration/acquisition costs (1)

 

1,738

 

 

 

1,809

 

 

 

8,837

 

 

 

14,866

 

Impairment of fixed assets (2)

 

—

 

 

 

—

 

 

 

509

 

 

 

1,575

 

Impairment of right-of-use assets (3)

 

—

 

 

 

—

 

 

 

2,452

 

 

 

1,629

 

Restructuring charges, net (4)

 

—

 

 

 

—

 

 

 

1,892

 

 

 

68,558

 

Management separation charges (5)

 

4,614

 

 

 

—

 

 

 

4,614

 

 

 

—

 

Adjusted EBITDA

$

121,141

 

 

$

112,300

 

 

$

463,866

 

 

$

408,204

 

 

 

 

 

 

 

 

 

Net income attributable to Korn Ferry margin

 

9.0

%

 

 

9.4

%

 

 

9.0

%

 

 

6.1

%

Net income attributable to non-controlling interest

 

0.1

%

 

 

0.1

%

 

 

0.2

%

 

 

0.1

%

Income tax provision

 

3.3

%

 

 

2.9

%

 

 

3.4

%

 

 

1.8

%

Interest expense, net

 

0.8

%

 

 

0.7

%

 

 

0.8

%

 

 

0.8

%

Depreciation and amortization

 

2.9

%

 

 

2.9

%

 

 

2.9

%

 

 

2.8

%

Integration/acquisition costs (1)

 

0.2

%

 

 

0.3

%

 

 

0.3

%

 

 

0.5

%

Impairment of fixed assets (2)

 

—

%

 

 

—

%

 

 

0.0

%

 

 

0.1

%

Impairment of right-of-use assets (3)

 

—

%

 

 

—

%

 

 

0.1

%

 

 

0.1

%

Restructuring charges, net (4)

 

—

%

 

 

—

%

 

 

0.1

%

 

 

2.5

%

Management separation charges (5)

 

0.7

%

 

 

—

%

 

 

0.2

%

 

 

—

%

Adjusted EBITDA margin

 

17.0

%

 

 

16.3

%

 

 

17.0

%

 

 

14.8

%

 

 

 

 

 

 

 

 

Net income attributable to Korn Ferry

$

64,244

 

 

$

65,189

 

 

$

246,062

 

 

$

169,154

 

Integration/acquisition costs (1)

 

1,738

 

 

 

1,809

 

 

 

8,837

 

 

 

14,866

 

Impairment of fixed assets (2)

 

—

 

 

 

—

 

 

 

509

 

 

 

1,575

 

Impairment of right-of-use assets (3)

 

—

 

 

 

—

 

 

 

2,452

 

 

 

1,629

 

Restructuring charges, net (4)

 

—

 

 

 

—

 

 

 

1,892

 

 

 

68,558

 

Management separation charges (5)

 

4,614

 

 

 

—

 

 

 

4,614

 

 

 

—

 

Tax effect on the adjusted items (6)

 

(487

)

 

 

(1,267

)

 

 

(3,187

)

 

 

(22,030

)

Tax adjustment (7)

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,714

)

Adjusted net income attributable to Korn Ferry

$

70,109

 

 

$

65,731

 

 

$

261,179

 

 

$

224,038

 

Explanation of Non-GAAP Adjustments

(1)

Costs associated with current and previous acquisitions, such as legal and professional fees, retention awards and the on-going integration expenses.

(2)

Costs associated with impairment of fixed assets primarily due to software impairment charge in our Digital segment.

(3)

Costs associated with impairment of right-of-use assets due to terminating and deciding to sublease some of our offices.

(4)

Restructuring charges incurred to align our workforce to eliminate excess capacity resulting from challenging macroeconomic business environment.

(5)

Contractual obligations due upon executive's death.

(6)

Tax effect on integration/acquisition costs, impairment of fixed assets and right-of-use assets, restructuring charges, net and separation charges.

(7)

Due to actions taken in connection with the worldwide minimum tax, the Company recorded a $9.7 million non-recurring tax benefit in fiscal 2024 that resulted in the release of a valuation allowance, which is included in the Company's US GAAP results but excluded from the Adjusted results.

 

KORN FERRY AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - CONTINUED

(unaudited)

 

Three Months Ended

April 30,

 

Year Ended

April 30,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

1.23

 

 

$

1.26

 

 

$

4.69

 

 

$

3.25

 

Integration/acquisition costs (1)

 

0.03

 

 

 

0.04

 

 

 

0.17

 

 

 

0.29

 

Impairment of fixed assets (2)

 

—

 

 

 

—

 

 

 

0.01

 

 

 

0.03

 

Impairment of right-of-use assets (3)

 

—

 

 

 

—

 

 

 

0.05

 

 

 

0.03

 

Restructuring charges, net (4)

 

—

 

 

 

—

 

 

 

0.03

 

 

 

1.33

 

Management separation charges (5)

 

0.09

 

 

 

—

 

 

 

0.09

 

 

 

—

 

Tax effect on the adjusted items (6)

 

(0.01

)

 

 

(0.03

)

 

 

(0.06

)

 

 

(0.43

)

Tax adjustment (7)

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.19

)

Adjusted basic earnings per share

$

1.34

 

 

$

1.27

 

 

$

4.98

 

 

$

4.31

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$

1.21

 

 

$

1.24

 

 

$

4.60

 

 

$

3.23

 

Integration/acquisition costs (1)

 

0.03

 

 

 

0.04

 

 

 

0.16

 

 

 

0.29

 

Impairment of fixed assets (2)

 

—

 

 

 

—

 

 

 

0.01

 

 

 

0.03

 

Impairment of right-of-use assets (3)

 

—

 

 

 

—

 

 

 

0.05

 

 

 

0.03

 

Restructuring charges, net (4)

 

—

 

 

 

—

 

 

 

0.03

 

 

 

1.32

 

Management separation charges (5)

 

0.09

 

 

 

—

 

 

 

0.09

 

 

 

—

 

Tax effect on the adjusted items (6)

 

(0.01

)

 

 

(0.02

)

 

 

(0.06

)

 

 

(0.43

)

Tax adjustment (7)

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.19

)

Adjusted diluted earnings per share

$

1.32

 

 

$

1.26

 

 

$

4.88

 

 

$

4.28

Explanation of Non-GAAP Adjustments

(1)

Costs associated with current and previous acquisitions, such as legal and professional fees, retention awards and the on-going integration expenses.

(2)

Costs associated with impairment of fixed assets primarily due to software impairment charge in our Digital segment.

(2)

Costs associated with impairment of right-of-use assets due to terminating and deciding to sublease some of our offices.

(4)

Restructuring charges incurred to align our workforce to eliminate excess capacity resulting from challenging macroeconomic business environment.

(5)

Contractual obligations due upon executive's death.

(6)

Tax effect on integration/acquisition costs, impairment of fixed assets and right-of-use assets, restructuring charges, net and management separation charges.

(7)

Due to actions taken in connection with the worldwide minimum tax, the Company recorded a $9.7 million non-recurring tax benefit in fiscal 2024 that resulted in the release of a valuation allowance, which is included in the Company's US GAAP results but excluded from the Adjusted results.

 

KORN FERRY AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - CONTINUED

(dollars in thousands)

(unaudited)

 

Three Months Ended April 30,

 

2025

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Korn Ferry

 

Net income attributable to Korn Ferry margin

 

 

 

 

 

Net income attributable to Korn Ferry

 

Net income attributable to Korn Ferry margin

Consolidated

 

 

 

 

$

64,244

 

 

9.0

%

 

 

 

 

 

$

65,189

 

 

9.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fee revenue

 

Total revenue

 

Adjusted EBITDA

 

Adjusted EBITDA margin

 

Fee revenue

 

Total revenue

 

Adjusted EBITDA

 

Adjusted EBITDA margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consulting

$

169,363

 

$

172,537

 

$

29,055

 

 

17.2

%

 

$

182,177

 

$

185,130

 

$

32,340

 

 

17.8

%

Digital

 

91,634

 

 

91,642

 

 

28,477

 

 

31.1

%

 

 

91,304

 

 

91,361

 

 

27,991

 

 

30.7

%

Executive Search:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

143,014

 

 

144,673

 

 

39,062

 

 

27.3

%

 

 

125,468

 

 

127,140

 

 

33,136

 

 

26.4

%

EMEA

 

53,479

 

 

53,773

 

 

9,092

 

 

17.0

%

 

 

45,643

 

 

45,931

 

 

6,846

 

 

15.0

%

Asia Pacific

 

23,630

 

 

23,802

 

 

4,965

 

 

21.0

%

 

 

20,696

 

 

20,819

 

 

4,233

 

 

20.5

%

Latin America

 

6,880

 

 

6,884

 

 

1,103

 

 

16.0

%

 

 

6,896

 

 

6,906

 

 

1,275

 

 

18.5

%

Total Executive Search

 

227,003

 

 

229,132

 

 

54,222

 

 

23.9

%

 

 

198,703

 

 

200,796

 

 

45,490

 

 

22.9

%

Professional Search & Interim

 

130,710

 

 

131,674

 

 

27,426

 

 

21.0

%

 

 

129,162

 

 

130,105

 

 

28,122

 

 

21.8

%

RPO

 

93,338

 

 

94,842

 

 

14,499

 

 

15.5

%

 

 

89,454

 

 

92,531

 

 

11,782

 

 

13.2

%

Corporate

 

—

 

 

—

 

 

(32,538

)

 

 

 

 

—

 

 

—

 

 

(33,425

)

 

 

Consolidated

$

712,048

 

$

719,827

 

$

121,141

 

 

17.0

%

 

$

690,800

 

$

699,923

 

$

112,300

 

 

16.3

%

 

 

Year Ended April 30,

 

2025

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Korn Ferry

 

Net income attributable to Korn Ferry margin

 

 

 

 

 

Net income attributable to Korn Ferry

 

Net income attributable to Korn Ferry margin

Consolidated

 

 

 

 

$

246,062

 

 

9.0

%

 

 

 

 

 

$

169,154

 

 

6.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fee revenue

 

Total revenue

 

Adjusted EBITDA

 

Adjusted EBITDA margin

 

Fee revenue

 

Total revenue

 

Adjusted EBITDA

 

Adjusted EBITDA margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consulting

$

662,708

 

$

674,070

 

$

115,481

 

 

17.4

%

 

$

695,007

 

$

706,805

 

$

114,260

 

 

16.4

%

Digital

 

363,530

 

 

363,727

 

 

112,696

 

 

31.0

%

 

 

366,699

 

 

366,924

 

 

108,669

 

 

29.6

%

Executive Search:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

535,921

 

 

542,068

 

 

148,242

 

 

27.7

%

 

 

506,927

 

 

513,545

 

 

120,710

 

 

23.8

%

EMEA

 

194,088

 

 

195,268

 

 

31,689

 

 

16.3

%

 

 

184,516

 

 

185,552

 

 

25,902

 

 

14.0

%

Asia Pacific

 

87,337

 

 

87,840

 

 

18,119

 

 

20.7

%

 

 

85,863

 

 

86,273

 

 

18,923

 

 

22.0

%

Latin America

 

28,862

 

 

28,876

 

 

8,149

 

 

28.2

%

 

 

28,937

 

 

28,956

 

 

5,571

 

 

19.3

%

Total Executive Search

 

846,208

 

 

854,052

 

 

206,199

 

 

24.4

%

 

 

806,243

 

 

814,326

 

 

171,106

 

 

21.2

%

Professional Search & Interim

 

503,515

 

 

507,246

 

 

107,600

 

 

21.4

%

 

 

540,615

 

 

544,453

 

 

101,868

 

 

18.8

%

RPO

 

354,127

 

 

361,991

 

 

52,635

 

 

14.9

%

 

 

354,107

 

 

362,997

 

 

40,399

 

 

11.4

%

Corporate

 

—

 

 

—

 

 

(130,745

)

 

 

 

 

—

 

 

—

 

 

(128,098

)

 

 

Consolidated

$

2,730,088

 

$

2,761,086

 

$

463,866

 

 

17.0

%

 

$

2,762,671

 

$

2,795,505

 

$

408,204

 

 

14.8

%

 

Investor Relations: Tiffany Louder, (214) 310-8407
Media: Dan Gugler, (310) 226-2645

Source: Korn Ferry